Bangkok, May 17- The SEC has ordered STARK to clarify the facts and conduct a special investigation within 30 days after the auditor detects a transaction that may cause irregularities.

The Office of the Securities and Exchange Commission (SEC) informed that it had ordered Stark Corporation Public Company Limited (STARK) to clarify facts and progress in various operations, including providing There is a special audit on sales, accounts receivable, and other related accounting transactions. and money transfer of the group of companies by submitting an explanation within 7 days and submitting additional audit results within 30 days, as well as disclosing information through the information system of the Stock Exchange of Thailand.

Due to STARK being unable to prepare and submit financial statements for the year 2022 within the time required by law, later the SEC found out that STARK's auditor has detected a transaction that may be unusual and STARK is in the process of asking experts to investigate the facts according to the auditor's remarks as a special case (special audit). There were doubts about the accuracy of STARK's consolidated financial statements and which may affect the rights of securities holders or their investment decisions. The SEC, therefore, by virtue of Section 58 (2) of the Act Securities and Exchange Commission B.E. 2535 ordered the company to clarify relevant facts and progress of various actions to the SEC within 7 days from May 17, 2023.

In addition, because the scope of the special audit that the experts are auditing may be insufficient to draw conclusions on the impact on the accuracy of STARK's consolidated financial statements or on potentially improper transactions, the SEC By virtue of Section 58 (3) of the same Act, ordering STARK to expand the scope of special audit by a team of specialists performing special audit audits or to allow other auditors to do so. Auditing firm, one of the large auditing firms Except for the audit firm that used to be STARK's auditor in 2021 and submit the audit report to the SEC within 30 days from May 17, 2023.

In this regard, the submission of clarification of facts and results of additional examination to the SEC as mentioned above to proceed with the disclosure of information through the information system of the Stock Exchange of Thailand as well .-Thai News Agency

Source: Thai News Agency